Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsEconomics : An Introduction2 Marks
Question
By how many ways and which ways theories are represent in economic study?
✓
Answer
There are three ways to represents the theories in the economic study.
Through languages in descriptive manner.Through data / statistics.Through diagrams or Graph.E.g. While explaining the law of demand, if we says, if other factors remains constant, and if there is fall in price, demand expands and if there is increase in price, demand contracts, then it is descriptive but if represent it with the help of figures then it is representation through statistics.
While the same statistics which indicates at what price, what is the demand and if we joins these combinations through the figure, it will be known as the representation through diagram or graph.
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